Flutterwave, Yellow Card, and Onafriq have joined global stablecoin issuer Circle Internet Group as design partners in the newly launched Circle Payments Network (CPN), a blockchain-based infrastructure created to enable faster, cheaper, and more transparent cross-border payments.
The involvement of these three African fintech leaders is a game changer in the continent’s role in global financial innovation. CPN allows regulated financial institutions—including digital wallets, neobanks, and payment service providers—to settle cross-border transactions in real time using stablecoins like USDC and EURC.
Read also: Nigeria’s cNGN stablecoin in talks for listings on Yellow Card, Roqqu to boost adoption
Africa’s high remittance fees are set to be tackled
According to the World Bank, average global remittance fees still exceed 6 percent, with Sub-Saharan Africa facing some of the highest costs. In some cases, payments can take days due to legacy systems, multiple intermediaries, and time zone differences.
“CPN marks the next chapter in Circle’s evolution, extending beyond trusted stablecoins and developer platforms to power a globally connected payments network,” Circle stated.
Circle co-founder and CEO Jeremy Allaire’s vision is simple, which includes building a network that enables money to move “as easily as email. ” The platform is governed by strict standards, including licensing, AML/CFT compliance, and cybersecurity protocols, to ensure regulatory trust.
Flutterwave, which operates in over 30 African countries, intends to leverage CPN for remittances, enterprise merchant payments, and global e-commerce.
“Our partnership with the Circle Payments Network (CPN) unlocks powerful possibilities,” said Flutterwave CEO Olugbenga “GB” Agboola.
Yellow Card, one of Africa’s leading crypto exchanges with operations in more than 20 countries, brings critical on– and off-ramp infrastructure to the network, allowing users to easily convert stablecoins like USDC into local currencies.
Also, Onafriq (formerly MFS Africa), which connects over 500 million mobile wallets, is expected to help extend the network’s reach to rural and underserved areas by linking with Africa’s mobile money systems.
Read also: Stablecoin-powered Nilos expands into West Africa, offers faster and secure crypto payments
Building a Borderless Financial Future
As part of CPN, the African companies will help simplify global transactions for freelancers, SMEs, and consumers. “Through CPN, we have improved our capacity to offer real-time, low-cost, and compliant cross-border payments,” Flutterwave said in a statement.
CPN is currently backed by over 30 global partners, including Deutsche Bank, Fireblocks, Coins.ph, and dLocal. The network’s programmable infrastructure supports third-party development of advanced financial applications and workflows.
